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EFIG posted its highest first half year results across both top- and bottom-lines since its inception


EFIG announced today its standalone and consolidated results for the six-month period ended 30 June 2023. The Group’s consolidated revenues increased by 37.5% y-o-y to EGP 1,735.4 million driven by broad-based growth across the Group’s subsidiaries. On the profitability front, the Group recorded an EBITDA surge of 46.6% y-o-y to EGP 823.0 million, and at its bottom-line, the Group recorded a net profit after non-controlling interest (NCI) increase of 49.8% y-o-y to EGP 718.4 million, with an associated y-o-y net profit margin expansion of 3.4 percentage points to 41.4% during the six-month period.

Following a strong start to the year, the Group has successfully maintained its momentum and delivered exceptional results for the first half of 2023. Our strong performances across the board demonstrate our ability to deliver on the Group’s operational, financial, and strategic goals despite the challenges presented to us. Moreover, we have continued to expand eFinance’s presence in the digital payments landscape in key sectors across the nation and further maximized the value generated from our comprehensive technology infrastructure, driving the Group’s solid results for the period.

During 1H2023, the Group delivered a 37.5% year-on-year top-line increase to EGP 1.7 billion, largely driven by eFinance Digital Operations as the subsidiary continued to reap the rewards of its investment in cloud services and expand its footprint in Egypt across this lucrative and fast-growing space. Our results were further supported by increased growth across our transaction revenue, where the Group saw a stellar 85.9% year-on-year increase in variable fee transactions as we continued to capitalize on our investments in key sectors and the growing adoption of digital payments. In terms of profitability, the Group recorded a 49.8% year-on-year increase in net income to EGP 718.4 million, with an associated margin expansion of 3.4 percentage points to 41.4% in 1H2023 as we continue to benefit from the higher margin nature of multiple revenue streams coupled with management’s ability to alleviate the impact of Egypt’s record high inflation and elevated interest rate environment by utilizing a variety of mitigation strategies.

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